Friday, January 22, 2010

Surely some revelation is at hand

Uncle Nick was kind enough to point out one of the money quotes from the ongoing Financial Crisis Inquiry Commission hearings headed by Phil Angelides (a Democrat from California, which has one of the brokest-ass budgets in the country, so you know this guy has the fiscal street cred).

Here's the quote:

Wall Street is in effect selling cars with faulty brakes, and then taking out insurance on the buyers.

Just to make sure that sinks in, they were bringing in 100,000,000 dollars A DAY.

Anyway,Blofeld's Blankfein's response to the quote above was basically "I don't see anything wrong with that."

The temerity of these bank executives during the hearings would be comical if it weren't so enraging. C-Span has video of the hearing on their website. If you feel the need for a quick hit of Hulk rage, I highly suggest you watch. Skip through the first 40 minutes or so since that's just the bankers reading their prepared PR statements.

In the meantime, here's an example of why The Onion is the smartest news source. EVAR. Jon Stewart is getting his ass kicked by these guys.